A contract is a voluntary agreement or promise between legally competent parties, supported by legal consideration, to perform or refrain from performing) some legal act. That definition may be easier to understand if we consider its various parts separately. Essentially, a contract is an enforceable promise – a promise that someone may be compelled by a court to keep. Brokers and salespersons use many types of contracts and agreements to carry out their responsibilities to sellers, buyers, and the general public. The general body of law that governs such agreements is known as contract law (Hillman, 1998). A contract may be express or implied, depending on how it is created.
An express contract exists when the parties state the terms and shoe their intentions in words. An express contract may be either oral or written. The majority of the real estate contract is to express contracts; they have been reduced to writing. Under the statute of frauds, certain types of contracts must be in writing to be enforceable in a court of law (Galaty et al. , 2002). Consumer protection law is an expanding, rapidly developing, and highly visible field.
All of us are consumers who can readily detect both consumer protection transgressions and the effects of consumer protection law and regulation in our daily lives. Legal practitioners must be aware that consumer protection problems, besides the direct pecuniary risks they present to firms, are among the most likely forms of misconduct to be reported in the media and potentially harm a firm’ s reputation with its customers. Especially with the advent of the Internet, previously local or regional businesses are expanding to new markets, often where they have no physical presence, but where they may be subject to new state and local regulatory regimes.
For many commercial attorneys, these factors have given consumer protection law new relevance (2004).
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